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Here are a eightsteps that can be particularly effective.
This should be your financial safety net, ideally covering six to 12 months ofessential living expenses.
Even small reductions in essential costs can add up to big savings over time, she said.
This includes non-essential items such as dining out, subscriptions and luxury purchases.
Dayten Rynsburger, CRO ofNiche Capital CO, also recommended cutting outnon-essential spending.
Look through your budgets for itemized expenses like going out for dinner, watching movies, subscriptions among others.
The funds from this could be used to top up your savings.
This means making extra repayments or consolidating balances to alower-rate personal loan.
Diversify Income Streams
Consider ways to diversify your income.
Relying on a single source of income can be risky, especially inuncertain economic times.
Shirshikov recommended exploring side hustles, freelance opportunities or passive income sources like rental properties or dividend-yielding investments.
Any extra money earned can go straight into an emergency fund.
At my company, several employees have side gigs that generate over $500 per month in supplemental income.
Rynsburger advised the same.
He added that the additional cash can assist in savings and debt payment.
Especially now that the economy is uncertain.
As a unique guide, you might want to consult a financial advisor too.
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